Binance Surpasses CME as Largest Venue for Ethereum Futures Open Interest

Binance has surpassed CME as the largest venue for Ethereum futures open interest. According to recent data, Binance holds an all-time high of 3.7 million ETH in open Ethereum futures contracts, accounting for over 44% of the total Ethereum open interest across all venues.

This represents a significant increase from late August, when open interest stood at $4.8 billion. As of September 21, Binance's Ethereum open interest reached $6.58 billion, up by 37% from its previous level. CME, on the other hand, holds 1.69 million ETH, worth approximately $5.03 billion.

The surge in Binance's leverage and liquidation risk has raised concerns about potential market instability. The perpetual futures volume of 5.57 million units dwarfs spot volume of 290,000 units, with the 30-day Z-score for this imbalance reaching a reading that occurs less than 1% of the time in a normal distribution.

The taker buy-sell ratio on Binance has moved from a weekly average of 0.95 to 1.16, indicating a significant increase in buying pressure. However, nearly $1.72 billion in cumulative long liquidations sits below the current price of $1,500, while nearly $1.90 billion in short liquidation exposure concentrates near $1,800.